Financial
Highlights
2014 2013
291 280
251 307
Normalised headline earnings
per share (cents) 99 152
Return on opening equity (%) 15.7 22.3
2014 2013
Total shareholders’ return (%) 8.0 22.3
Dividend yield (%) 4.6 6.8
Financial performance
4%
Profit after tax from continuing
operations (R'm)
18%
35%
6.6%
Investors’ value
14.3%
2.2%
Risk profi le
0%
25%
4
Own capital ratio (%)
Interest cover (times)
2014
40
4.0
Interpretation
The results were under pressure due to the drought; the
performance of the Mechanisation and Credit exceeded
expectations.
During the year Senwes decided to restructure its African
operations. This, together with decreased operating activities,
resulted in an 18% decrease in profit before tax.
Normalised headline earnings decreased due to the drought
and associated lower stock levels as well as the weaker
financial position of producers.
Even though the return on equity decreased, Senwes
performed in the upper quartile of the agricultural industry.
The share price followed the financial performance and did
not deliver the same return as the previous year.
The dividend yield of 4.6% still reflects a stable cash flow for
investors.
2013
40
5.3
The own capital ratio is within the capital maintenance
guidelines of between 35% to 45%.
The decrease was due to lower operational profit, but is still
higher than the minimum set level for interest cover of 2.5
times.